Eco Wave Power inks MoU for 50-MW wave energy development in Vietnam

Swedish-Israeli marine energy developer EWPG Holding AB has signed a memorandum of understanding (MoU) with Ho Chi Minh City-based Msmart Future Technology Co Ltd, which could lead to the development of a 50-MW wave energy array in Vietnam.

EWPG, better known under its commercial name Eco Wave Power, said that the collaboration would be executed in milestones.

The first phase will see the company’s engineering team carry out a feasibility study at a selected site in Vietnam. If the study proves fruitful, the partners will then work to set up a joint-venture company in the country to develop a 50-MW wave energy array.

Msmart specialises in the import and distribution of exclusive production of smart technology products, according to the release. Among featured products on its website is a portable hydro-power device that uses a micro-turbine to generate electricity, which is then stored in a battery and can be accessed via a USB port.

“The partnership with Eco Wave Power is a compelling fit that accelerates our strategy to expand the MSMART Future Technology’s portfolio towards wave energy. Together with Eco Wave Power we are committed to applying their disruptive technology to bring innovative wave energy into the Vietnamese market,” Msmart CEO Nguyen Quang Vinh said in a statement.

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